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Wednesday, February 15, 2012

Ed Slott Video: Stretch IRA Elimination Proposal

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Ed Slott, America's IRA Expert, talks about a once-proposed (and recently dropped) provision in the Highway Investment Job Creation and Economic Growth Act of 2012 that would have destroyed the Stretch (inherited) IRA. This provision would have killed a financial legacy for beneficiaries. Ed Slott discusses the provision and how it indicates Congress' line of thinking with IRAs, and more specifically, Stretch IRAs. He also mentions proactive planning strategies to simulate the benefits of a Stretch IRA.

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Q I am 70-1/2 this year and still working and contributing to my 401(k). I plan to retire this year. I also want my wife (not earning an income) to take out a Roth IRA this year. I am wondering how much I have to earn pre-retirement for my wife and I to take out Roth IRAs? Or I guess better said, does my contribution to my 401(k) need to be deducted from my earnings amount before figuring if I have enough left for Roth contributions? If I do not have enough earnings for my wife and I before I retire, can I just do the spousal Roth IRA for my wife without doing a Roth contribution for myself?

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